Avalon Team Wins CREW Atlanta Deal of the Year

Atlanta, June 6, 2016 –Creating an
attractive and desirable urban environment in a suburban location was a first
for metro Atlanta. CBRE is proud to announce that Peter McGuone, Heather Lamb
and Bryan Heller have been honored as key members of the team that landed
Avalon as CREW Atlanta’s 2015 Deal of the Year. Other team members include Sheri
Ross of North American Properties and Laura Kurlander of Hartman Simons.

CBRE’s McGuone,
Lamb and Heller handled the leasing of the 108,000-sq.-ft. loft office for
Phase 1 of Avalon, the experiential mixed-use development in Alpharetta, Ga.
Phase 1 included 500,000 sq. ft. of retail, a premier movie theater and the
loft office space, and Phase 2 will add a full-service hotel and conference
center and more than 500,000 sq. ft. of Class A office space.

“A curated
mixed-use project of this scale and level of service had never been attempted
in Atlanta, so the marketing strategy for our team was to highlight the tenant experience
rather than focusing on the physical real estate,” McGuone said. “The unique environment
at Avalon allows employers to recruit, attract and retain top talent and
ultimately that’s why companies chose to pay a premium to office here.”

By
showcasing the full-service experience at Avalon, the CBRE leasing team
achieved 100% occupancy in just over 12 months after the Grand Opening, with
rents at 46% higher than competing Class A space. The rates caused the “Avalon
effect” allowing other nearby assets to justify higher rents.

In
addition to the leasing strategy, which included targeting a high percentage of
technology and creative tenants, CBRE presented a concept of a medical office
building at Avalon, although the retail space was fully committed. The solution
involved turning a once-proposed retail parcel into medical space, which is now
a reality. Western Devcon Inc., the development partner for the outparcel, is
breaking-ground on a 38,000-sq.-ft. medical office building end of June with a
1st quarter 2017 estimated completion.

“Tenants
recognized the opportunity they have by locating at Avalon and were willing to
pay premium rents to be a part of the Avalon experience,” Lamb said. “By having
access to best-in-class amenities, employees become happier and more productive
and the investment in real estate rents more than pays for itself as companies
and employers see higher retention levels and capitalize on the ability to draw
in the best talent.”

About CBRE Group, Inc.CBRE
Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in
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serves real estate owners, investors and occupiers through more than 400
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